Options Market Statistics: Chewy Stock Rises and Options Pop On Jefferies Price Target Lift
News Highlights
$NVIDIA (NVDA.US)$ shares ended 6.76% higher. Its options trading volume was 5.64 million. Call contracts account for 59.8% of the total trading volume. The $130 calls expiring June 28 were traded most actively.
Nvidia stock staged a comeback on Tuesday after a multi-day sell-off that cost the US chipmaker its crown as the world's most valuable public company.
On Tuesday, Nvidia closed nearly 7% higher, reversing course after three straight days of declines, which caused some investors to worry that the excitement over the crucial role the company is expected to play in the artificial intelligence revolution may be cooling.
While we do believe in AI, there have been signs of over-exuberance in the US market over the last month," Jim Reid, a research strategist at Deutsche Bank, wrote in a note Monday.
$Alphabet-A (GOOGL.US)$ shares ended 2.68% higher. Its options trading volume was 0.32 million. Call contracts account for 70.9% of the total trading volume. The $190 calls expiring June 28 were traded most actively.
$Chewy (CHWY.US)$ shares ended 11.28% higher. Its options trading volume was 0.25 million. Call contracts account for 73.7% of the total trading volume. The $27 calls expiring June 28 were traded most actively.
Shares of Chewy are trading higher after Jefferies raised its price target on the company from $26 to $31, maintaining a Buy rating.
The stock took off after the company reported strong first-quarter results at the end of May. Following the print, $Goldman Sachs (GS.US)$ raised its price target to $35 and highlighted Chewy's operational improvements and accelerating revenue growth.
Unusual Stock Options Activity
There was a noteworthy activity in $TeraWulf (WULF.US)$, where multiple calls have topped volume to open interest ranking. The highest volume over open interest ratio reaches 91.3x with 11,415 contracts.
Daily Active Index & Sector ETF Options
Source: Barchart, Unusual Whales, The Guardian, Bloomberg
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